Manchester City fans are not used to losing. City have won four of the past five Premier League seasons and are unbeaten so far this season.

Yet dedicated fans are facing a different kind of loss after investing in fan tokens whose values have plunged by as much as 75 per cent.

The tokens are a type of crypto asset — think cryptocurrencies for football fans — and have been launched by the Premier League teams Aston Villa, Everton, Arsenal, Manchester City, Leeds United and Crystal Palace.

Fans were promised the chance to “own a share of influence of your team”, “get in the driving seat”, “join a new era of super fans” and even “turn your dreams into reality”. The claims are made by